Pepper prices fell further by Rs 585, or 1.30 per cent, to close at Rs 44,400 per quintal in futures trading today as speculators engaged in reducing positions, driven by easing demand at the spot market. Moreover, ample stocks position on increased supplies from major growing regions, weighed on prices. At the National Commodity and Derivatives Exchange, pepper for delivery in the October month plunged by Rs 585, or 1.30 per cent, to close at Rs 44,400 per quintal, with an open interest of 64 lots. Similarly, the spice for delivery in the current month traded lower by Rs 455, or 1 per cent, to end at Rs 45,005 per quintal in 76 lots. Market analysts said, offloading of positions by participants owing to slackened demand at prevailing rates in the physical market against adequate stocks position on increased arrivals from producing regions, mainly kept pepper prices down at futures trade.
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